The Home$tretch program from the Wyoming Community Development Authority (WCDA) helps eligible homebuyers across the state access down payment and closing cost assistance. It’s designed to work hand-in-hand with WCDA’s first mortgage options to make homeownership more affordable and attainable.
❓ What Is the Home$tretch Program?
Home$tretch is a second mortgage loan that provides up to $10,000 in assistance for eligible buyers using a WCDA first mortgage. The loan is:
- 💰 Deferred payment – no payments due until sale or refinance
- 📉 0% interest
- 🧾 Repayable only when you refinance, sell, or pay off the primary loan
It can be used to cover down payment, closing costs, and prepaids, making it ideal for buyers with stable income but limited savings.
✅ Who Is Eligible for Home$tretch?
To qualify for Home$tretch WCDA assistance, you must:
- 👨👩👧👦 Be a first-time or repeat buyer
- 🏡 Purchase a primary residence in Wyoming
- 📉 Meet income and purchase price limits
- 📘 Complete a homebuyer education course
- 💼 Work with a WCDA-approved lender
💵 Program Benefits
- 💲 Up to $10,000 in deferred assistance
- 📉 0% interest second mortgage
- 📆 No monthly payments while you live in the home
- 🔗 Must be combined with a WCDA first mortgage
📈 Why Use Home$tretch in Wyoming?
Even though Wyoming has relatively low housing costs, down payment and closing costs can still be a major barrier—especially for young families, essential workers, and rural residents.
The Home$tretch program ensures that more buyers can become homeowners without draining their savings or delaying the process due to lack of upfront cash.
📝 How to Apply for Home$tretch Assistance
- 📞 Contact a WCDA-approved lender
- 🧾 Apply for a WCDA first mortgage loan (e.g., Standard, HFA Preferred)
- 🎓 Complete a homebuyer education class (online or in-person)
- 📂 Submit required documents: income, ID, employment, taxes, etc.
- 🏠 Receive up to $10,000 at closing for down payment and closing costs
📋 Key Program Requirements
- 📊 Credit score: generally 620 or higher
- 📝 Must meet income and purchase limits for your county
- 📍 Property must be in Wyoming and used as a primary residence
- 📘 Education course completion required
🔁 Home$tretch vs. Other WCDA DPA Options
WCDA also offers a Amortizing DPA loan, which begins monthly repayment immediately. However, Home$tretch is more popular due to:
- ✅ 0% interest
- ✅ No monthly payments until resale/refinance
- ✅ Easier to manage for first-time buyers
💡 Tips to Maximize Approval Odds
- 📋 Work with a lender who knows WCDA programs well
- 📆 Complete the education class early—it’s valid for one year
- 🧾 Keep your financial paperwork organized and up to date
- 📞 Ask if your employer or county offers additional DPA that can be combined
🔍 Buyer Story Example
Anthony and Jenna, a couple from Casper, had a modest income and couldn’t save the full down payment. Through Home$tretch, they received $9,500 in assistance and closed on their first home with only $1,000 out of pocket. The best part: they don’t pay a cent on the second loan unless they move or refinance.
❓ FAQs – Home$tretch WCDA
📌 Is Home$tretch a grant or a loan?
It is a deferred second mortgage with 0% interest. It must be repaid when the home is sold, refinanced, or the first mortgage is paid off—but not before.
🔗 Can I combine this with other assistance programs?
Yes. You may be able to combine Home$tretch with employer incentives, city/county DPA, or other WCDA products—check with your lender.
📊 What are the income limits?
Limits vary by county and household size. For example, in Laramie County, a family of 3 may qualify with income under ~$100,000. Your lender will confirm.
🏠 What properties qualify?
Single-family homes, townhomes, condos, and certain manufactured homes may qualify. Must be located in Wyoming and used as your primary residence.
🎯 Why Use Home$tretch?
If you’re ready to buy a home in Wyoming but don’t have the upfront funds, the Home$tretch program from WCDA offers the perfect solution. With 0% interest, no monthly payments, and up to $10,000 in help, it’s one of the most buyer-friendly DPA programs in the country.
📥 Apply Now via WCDA Official Website
